Planning my death

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angelescrest
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Planning my death

Post by angelescrest »

I'm looking on the wikis and trying to find posts that discuss financial planning in case I should die. Should I be looking in the retirement areas? I'm young with a second child around the corner, and I am concerned what my wife would do with our investments and the money left over.

I am looking for ideas on planning for her in very basic terms a financial or investment plan. Ideally I would like to set her up with a paid financial firm like Ferri's, but with respect paying some $4k a year would be a tough pill to swallow. There might not be another alternative unless she develops investing chops (which she is loathe to do and is incredibly risk adverse).

I thought about perhaps just going over with her the idea of the three fund portfolio, along with withdrawal strategies, but I would be interested to hear how others have been planning in the case of their demise.
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nisiprius
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Re: Planning my death

Post by nisiprius »

I will just tell you what I have actually been doing. Not a recommendation, seriously not.

I don't keep secrets from my wife but her eyes glaze over at "investments." She handles all the monthly checking-account stuff, and is a very sound intuitive planner in terms of budgeting and spending.

I have been telling her that she can and should trust her own instincts. That she does not NEED an advisor. That she should just approach it with the idea that when she needs money there is a big pool of stuff she should sell to get money, she should not worry about what to sell first because nothing will get out of whack quickly, and if she needs advice she should ask our daughter-in-law.

Once or twice a year, I ask her to name, FROM MEMORY, the names of all of the financial institutions at which we have accounts. I believe that armed with the name of the institution and a social security number she should be able to find all assets.

She has "transact" authority to all of the online accounts that are in my name (and of course to some that are in joint name). Last year I insisted that she go to her computer and, WITHOUT GUIDANCE OR COACHING FROM ME, transfer $100 from my Vanguard account into our checking account. I will repeat this this year, someday when she seems to be in a patient and mellow mood, and do this for the other accounts.

I think it's much more important that she know where everything is and how to withdraw from it than to try to write directions on how to manage it exactly the same way I would. If I'm gone I'll have no control. If she follows common sense it will be good enough. If she hires an advisor I figure there's like a 40% chance of doing marginally better, a 40% of doing marginally worse, a 9% chance of getting chiseled, and a 1% chance of getting honest-to-gosh seriously scammed.

Both of us run a risk of cognitive impairment, of, at some point, LOSING our "common sense." I have NO idea what to do about that. She is a little skeptical about further annuitization but in a few years I plan to nag the heck out of her about annuitizing some more, and "what if we lose our marbles" will be one of my talking points.

I have seriously considered literally pitching every non-annuitized cent we have into Wellesley, just so that quarterly payments will arrive in the checking account without any "management." If I weren't queasy about the Managed Payout fund, and if it weren't so wildly different from my desired asset allocation and investing style, I'd consider that. I wish Vanguard offered, let us say, a you-pick-the-target-percentage Managed Payout option on the LifeStrategy funds.
Last edited by nisiprius on Tue Nov 12, 2013 8:09 am, edited 2 times in total.
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BrandonBogle
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Re: Planning my death

Post by BrandonBogle »

nisi, I'm rather new to the forum (still in the first year), but totally agree with the Boglehead philosophy. I have asked in my will that in the event of my death, all our investments be put into Vanguard's LifeStrategy Moderate Growth for a period of at least 10 years. I have also left instructions to contact Vanguard for any assistance and referenced this forum. It may or may not be followed, but my hope is spending a decade in a simple three-fund-in-one portfolio will help drive in the value of this investing philosophy.
rec7
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Re: Planning my death

Post by rec7 »

I will just tell you what I have actually been doing. Not a recommendation, seriously not.
I would tell my wife to but it into a Target Retirement that I pick (updated every five years before I die) then to withdraw no more than 4% of the balance each year. It would not be a perfect portfolio( I could beat it with a three fund portfolio) but very easy for her. We are in a lower taxes bracket so that helps. In my case I am going for something very easy to run.
Last edited by rec7 on Tue Nov 12, 2013 8:34 am, edited 3 times in total.
Levett
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Re: Planning my death

Post by Levett »

Demise is a certainty. When is another matter.

You are wise to be thinking about this now, as a young person.

I am much older than you, but even as a young married man with children my wife and I sought the services of an estate planning law firm. I underline firm because the firm has a much longer life expectancy than I or my wife do.

My wife and I both have deposited instructions with the firm (we are a blended family) and copies of these instructions have been shared with the grown children. Periodically, we review and update, where necessary, these instructions.

I also recommend that you speak regularly with your spouse about all investments and insist that the financial well-being of the family is a shared responsibility.

Lev
investingdad
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Re: Planning my death

Post by investingdad »

nisiprius wrote:I will just tell you what I have actually been doing. Not a recommendation, seriously not.

I don't keep secrets from my wife but her eyes glaze over at "investments." She handles all the monthly checking-account stuff, and is a very sound intuitive planner in terms of budgeting and spending.

I have been telling her that she can and should trust her own instincts. That she does not NEED an advisor. That she should just approach it with the idea that when she needs money there is a big pool of stuff she should sell to get money, she should not worry about what to sell first because nothing will get out of whack quickly, and if she needs advice she should ask our daughter-in-law.

Once or twice a year, I ask her to name, FROM MEMORY, the names of all of the financial institutions at which we have accounts. I believe that armed with the name of the institution and a social security number she should be able to find all assets.

She has "transact" authority to all of the online accounts that are in my name (and of course to some that are in joint name). Last year I insisted that she go to her computer and, WITHOUT GUIDANCE OR COACHING FROM ME, transfer $100 from my Vanguard account into our checking account. I will repeat this this year, someday when she seems to be in a patient and mellow mood, and do this for the other accounts.

I think it's much more important that she know where everything is and how to withdraw from it than to try to write directions on how to manage it exactly the same way I would. If I'm gone I'll have no control. If she follows common sense it will be good enough. If she hires an advisor I figure there's like a 40% chance of doing marginally better, a 40% of doing marginally worse, a 9% chance of getting chiseled, and a 1% chance of getting honest-to-gosh seriously scammed.

Both of us run a risk of cognitive impairment, of, at some point, LOSING our "common sense." I have NO idea what to do about that. She is a little skeptical about further annuitization but in a few years I plan to nag the heck out of her about annuitizing some more, and "what if we lose our marbles" will be one of my talking points.

I have seriously considered literally pitching every non-annuitized cent we have into Wellesley, just so that quarterly payments will arrive in the checking account without any "management." If I weren't queasy about the Managed Payout fund, and if it weren't so wildly different from my desired asset allocation and investing style, I'd consider that. I wish Vanguard offered, let us say, a you-pick-the-target-percentage Managed Payout option on the LifeStrategy funds.
This post got me thinking about my parents. My dad spent his career as an engineer but also did some consulting work on the side. My mom was a SAHM and spent only a limited amount of time working at a 'regular' job during her life. She handles exactly 0% of the banking, bills, and finances. My parents are both in their mid to late 60s and in good health. But if my dad turns out to be the first to pass, it's going to be a real chore to stay on top of my mom's financial situation. While I'm confident she could handle the mechanics of bill paying, the general management and administration of finances is going to fall to me.
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LarryG
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Re: Planning my death

Post by LarryG »

I am much older than you. After watching a neighbor struggle with the large number of funds and stocks that her husband left, I transferred my relatively few funds in my IRA to Vanguard Target Retirement Income Fund. Our taxable account is in a money market and a municipal bond fund. My wife is comfortable with making withdrawals as needed. In addition I have a written explanation of how to handle financial matters including income tax payments. My daughter who is very comfortable with my plan will help as needed.
Good luck.
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prudent
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Re: Planning my death

Post by prudent »

My wife is dyslexic and has difficulty with numbers (often reads 1,000 as either ten thousand, or one hundred). And although she has many wonderful qualities, an interest in investments and finance is not one of them. That combination has led us to conclude the best thing for her would be to take the following actions:
1. Move all money to a single Vanguard account and a single checking account.
2. Pay an advisor to manage things.

Yes, the fee will sting a little, but it would give her comfort not to have to deal with it. So in her case it would be worth it. All she wants is for someone to put $X in her checking account every month, and be able to ask someone if she can afford to spend $Y on something that's outside the normal expenses. We have a trusted friend who will review the statements as a sanity check.

On a side note, at a social event I was chatting with an estate planner, and he told me one of the problems he runs into is when a spouse dies and leaves a valuable collection (antiques, coins, whatever) but the surviving spouse wasn't aware of the real value of the collection. He said a lot of people who have valuable collections do not tell the spouse what the stuff is worth - would make them worry, or they would be alarmed about how much was spent on it, etc. Then the surviving spouse calls someone in the phone book and it's sold for pennies on the dollar. Or in some cases the items were acquired long ago for little cost, but they have become valuable over time. The spouse may know what was paid but have no idea of the current value or how best to dispose of them.
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Re: Planning my death

Post by exoilman »

nisiprius wrote:I will just tell you what I have actually been doing. Not a recommendation, seriously not.

I don't keep secrets from my wife but her eyes glaze over at "investments." She handles all the monthly checking-account stuff, and is a very sound intuitive planner in terms of budgeting and spending.

I have been telling her that she can and should trust her own instincts. That she does not NEED an advisor. That she should just approach it with the idea that when she needs money there is a big pool of stuff she should sell to get money, she should not worry about what to sell first because nothing will get out of whack quickly, and if she needs advice she should ask our daughter-in-law.

Once or twice a year, I ask her to name, FROM MEMORY, the names of all of the financial institutions at which we have accounts. I believe that armed with the name of the institution and a social security number she should be able to find all assets.

She has "transact" authority to all of the online accounts that are in my name (and of course to some that are in joint name). Last year I insisted that she go to her computer and, WITHOUT GUIDANCE OR COACHING FROM ME, transfer $100 from my Vanguard account into our checking account. I will repeat this this year, someday when she seems to be in a patient and mellow mood, and do this for the other accounts.

I think it's much more important that she know where everything is and how to withdraw from it than to try to write directions on how to manage it exactly the same way I would. If I'm gone I'll have no control. If she follows common sense it will be good enough. If she hires an advisor I figure there's like a 40% chance of doing marginally better, a 40% of doing marginally worse, a 9% chance of getting chiseled, and a 1% chance of getting honest-to-gosh seriously scammed.

Both of us run a risk of cognitive impairment, of, at some point, LOSING our "common sense." I have NO idea what to do about that. She is a little skeptical about further annuitization but in a few years I plan to nag the heck out of her about annuitizing some more, and "what if we lose our marbles" will be one of my talking points.

I have seriously considered literally pitching every non-annuitized cent we have into Wellesley, just so that quarterly payments will arrive in the checking account without any "management." If I weren't queasy about the Managed Payout fund, and if it weren't so wildly different from my desired asset allocation and investing style, I'd consider that. I wish Vanguard offered, let us say, a you-pick-the-target-percentage Managed Payout option on the LifeStrategy funds.

We are pretty much in the same situation. Our accounts are with Vanguard and Fidelity and our Fidelity rep. knows essentially what to do should she show up with a death certificate one day. He knows what we have at Vanguard because it is linked to them also.

Sam
Mike Scott
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Re: Planning my death

Post by Mike Scott »

search the forum on the topic "death book"
I have a paper file with everything I can think of in it with full list of accounts and passwords plus will etc etc that gets updated montly
I also have some written SUGGESTIONS on what she might think about doing with a number of options and contingencies; she also knows that these are only suggestions and that things are currently arranged so that she has about three years after I die before she really must make new major decisions. My wife will presumably have family support during this time as well.
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Mel Lindauer
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Re: Planning my death

Post by Mel Lindauer »

rec7 wrote:I will just tell you what I have actually been doing. Not a recommendation, seriously not.
I would tell my wife to but it into a Target Retirement that I pick (updated every five years before I die) then to withdraw no more than 4% of the balance each year. It would not be a perfect portfolio( I could beat it with a three fund portfolio) but very easy for her. We are in a lower taxes bracket so that helps. In my case I am going for something very easy to run.
Agree that the appropriate TR fund would be a great choice. You could also simply invest in the appropriate TR fund now and she wouldn't have to do anything, since the TR funds automatically rebalance and get more conservative as time goes by.
Best Regards - Mel | | Semper Fi
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Re: Planning my death

Post by ddunca1944 »

Levett wrote:Demise is a certainty. When is another matter.

You are wise to be thinking about this now, as a young person.

I am much older than you, but even as a young married man with children my wife and I sought the services of an estate planning law firm. I underline firm because the firm has a much longer life expectancy than I or my wife do.

My wife and I both have deposited instructions with the firm (we are a blended family) and copies of these instructions have been shared with the grown children. Periodically, we review and update, where necessary, these instructions.

I also recommend that you speak regularly with your spouse about all investments and insist that the financial well-being of the family is a shared responsibility.

Lev
+1
I think of myself as "relatively" young at the age of 69. My husband hates dealing with finances and is happy that I enjoy it. However, I insist that he sit down with me (at least quarterly) and we go over the investment accounts. I have simplified them down into 3 funds and if he did nothing for a long time, I'm confident that he'd be fine. I also know he would not do anything to change them.. Currently the dividends are reinvested, but I have written instructions as to how he can change that option and have the dividends sent to checking. He would not handle the finances the same way I do (electronic billing, paperless statements and auto pay); he's already told me that if he were paying the bills, he'd want paper statements and to write checks, but he'd be OK. Unless he married a gold-digging floozy, :oops: but I don't know how I could prevent that.
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angelescrest
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Re: Planning my death

Post by angelescrest »

Very interesting, and helpful thoughts. I'm not morose, but I am concerned about what would happen to my children. I think I have a slightly better handle on what to set her up with for the retirement 403(b) and Roth, or if we were retired I think the instruction would be simpler.

But what to do with current investments in taxable accounts is less certain, and how to think through the various options in handling life insurance payments, as well as some social security that I believe comes in. I just got off the phone with my insurance provider, and you can choose lump sum or annuitize the payments, or a combination thereof. So, things like do I have her payoff the mortgage, annuitize the rest, or put some away for college for the two, a lot I'm trying to figure out.
Last edited by angelescrest on Fri Oct 20, 2023 11:52 am, edited 1 time in total.
Professor Emeritus
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Re: Planning my death

Post by Professor Emeritus »

Good estate planning attorneys do this work every day. (I'm not one, I'm a customer) Wills are tools to divide assets, Trusts are tools to invest and spend assets.
There are lots of options. Lots of resources out there.
Fundamentally estate planning is setting up a decision process, not making decisions. ie. you want a sensible process to decide whether to pay off the mortgage etc
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cheese_breath
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Re: Planning my death

Post by cheese_breath »

I have a multi-page document explaining all our investments and my investing philosophy. It's not intended for her because finances are not her forte nor her interest (other than how much can I spend). Rather it's intended for our son in law who is in a financial career and/or her son. They should have an incentive to do the right thing because if they screw it up she will end up living with them.
The surest way to know the future is when it becomes the past.
Quickfoot
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Re: Planning my death

Post by Quickfoot »

I have left instructions for my wife to put all assets in a single fund and live off distributions or sell up to x% per year. I'm also leaving instructions for her at 60 to calculate her base living expenses, multiply it by 2 and purchase SPIAs to cover that amount. Between social security and annuities she will not have to worry about how investments are doing and the single fund (Life Strategy 40/60) is conservative enough to give reasonable supplemental income.

I also have a "death book" with life insurance information, logins and passwords for all my accounts (including Facebook and email), vital documents, etc.

I do not expect her to continue my investing strategy, but if I'm dead between life insurance and assets all she really should have to do is preserve wealth. Annuities will give her the comfort level to weather market fluctuation without selling, additionally we routinely have conversations about what the market is doing and mistakes investors make.
lws6772
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Re: Planning my death

Post by lws6772 »

Mel Lindauer wrote:
rec7 wrote:I will just tell you what I have actually been doing. Not a recommendation, seriously not.
I would tell my wife to but it into a Target Retirement that I pick (updated every five years before I die) then to withdraw no more than 4% of the balance each year. It would not be a perfect portfolio( I could beat it with a three fund portfolio) but very easy for her. We are in a lower taxes bracket so that helps. In my case I am going for something very easy to run.
Agree that the appropriate TR fund would be a great choice. You could also simply invest in the appropriate TR fund now and she wouldn't have to do anything, since the TR funds automatically rebalance and get more conservative as time goes by.
Last edited by lws6772 on Tue Nov 12, 2013 2:48 pm, edited 1 time in total.
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tadamsmar
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Re: Planning my death

Post by tadamsmar »

Mike Scott wrote:search the forum on the topic "death book"
I have a paper file with everything I can think of in it with full list of accounts and passwords plus will etc etc that gets updated montly.
Here's the process from Vanguard for dealing with an inheritance:

http://www.vanguard.com/us/whatweoffer/ ... it-account

I expect my heirs to call Vanguard as the first step and go from there.

I am not sure what the advantage would be to sharing my passwords with my heirs. One disadvantage is voiding Vanguard's fraud reimbursement commitment:

https://personal.vanguard.com/us/help/S ... ontent.jsp

We use Agent Authorization to grant mutual access to our accounts:

https://personal.vanguard.com/us/litful ... C&subCat2=

But I don't think you are suppose to do transactions on a dead person's account before reassignment to the executor or heir.
Last edited by tadamsmar on Tue Nov 12, 2013 1:14 pm, edited 2 times in total.
four7s
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Re: Planning my death

Post by four7s »

Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
second-guesser
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Re: Planning my death

Post by second-guesser »

Yesterday the first blog I read was how to plan retirement.
Today it is how to plan my death.
What's next - how to plan my cremation ?
I think we're having too much fun !

S-G
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Re: Planning my death

Post by placeholder »

four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
Well then:
Laura Nyro wrote:There'll be one child born and a world to carry on, to carry on.
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cheese_breath
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Re: Planning my death

Post by cheese_breath »

placeholder wrote:
four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
Well then:
Laura Nyro wrote:There'll be one child born and a world to carry on, to carry on.
If it's peace you find in dying
Well, then let the time be near
The surest way to know the future is when it becomes the past.
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ResearchMed
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Re: Planning my death

Post by ResearchMed »

four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
And maybe OP could retitle something like "Planning finances for after my death", etc.?

I was initially startled to see a topic about euthanasia here. :shock:
NOT at all sure how it would fit with the "must be actionable" requirement! :shock: :shock:

Interesting philosophically (and perhaps at times in practical terms??) , but more than vaguely "off topic" here, I thought....

RM
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VictoriaF
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Re: Planning my death

Post by VictoriaF »

ResearchMed wrote:
four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
And maybe OP could retitle something like "Planning finances for after my death", etc.?

I was initially startled to see a topic about euthanasia here. :shock:
NOT at all sure how it would fit with the "must be actionable" requirement! :shock: :shock:

Interesting philosophically (and perhaps at times in practical terms??) , but more than vaguely "off topic" here, I thought....

RM
Euthanasia provides the means for not outliving your assets.

Victoria
Inventor of the Bogleheads Secret Handshake | Winner of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
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ResearchMed
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Re: Planning my death

Post by ResearchMed »

VictoriaF wrote:
ResearchMed wrote:
four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
And maybe OP could retitle something like "Planning finances for after my death", etc.?

I was initially startled to see a topic about euthanasia here. :shock:
NOT at all sure how it would fit with the "must be actionable" requirement! :shock: :shock:

Interesting philosophically (and perhaps at times in practical terms??) , but more than vaguely "off topic" here, I thought....

RM
Euthanasia provides the means for not outliving your assets.

Victoria
Now THAT'S planning with real certainty. :wink:

We DID want to figure out a way to die the day that final check bounces, especially since we don't have to fret about any potential heirs who need money.

RM
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BrandonBogle
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Re: Planning my death

Post by BrandonBogle »

investingdad wrote:This post got me thinking about my parents. My dad spent his career as an engineer but also did some consulting work on the side. My mom was a SAHM and spent only a limited amount of time working at a 'regular' job during her life. She handles exactly 0% of the banking, bills, and finances. My parents are both in their mid to late 60s and in good health. But if my dad turns out to be the first to pass, it's going to be a real chore to stay on top of my mom's financial situation. While I'm confident she could handle the mechanics of bill paying, the general management and administration of finances is going to fall to me.
Sadly, this is all too common. The house I bought a couple years ago was from a widow in such a situation. She never had to handle the finances and once her husband passed away, she did not know how to properly budget nor save/invest/whathaveyou. After his end-of-life medical bills and her lack of a good grasp on financial management, she had to sell the house to avoid bankruptcy.

Now, part of that was obviously that the house was too big for her along (4 bedrooms) and it could not have been easy that all the rooms are upstairs (3 stories) nor lots of yardwork to keep up with (2/3 acre). But still, it surprised me that at closing they told me she was days away from bankruptcy when, prior to his passing, the house was fully paid off and had no debts other than the aforementioned end-of-life medical bills.
vested1
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Re: Planning my death

Post by vested1 »

I tend to obsess over this as well. So much so that I've figured out the optimum year for me to die so that my wife reaps the full advantage of my life insurance and our investments. While I love my wife I don't intend to share that date with her. No point in giving her any ideas. :shock:
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Re: Planning my death

Post by Gretchen »

I do most of the financial work in our family -- from bill-paying to investment management. DH is highly intelligent and more than capable, but his eyes glaze over at the thought of actually managing our money.

Two years ago I wrote out where and how to find our assets, and I've updated it twice as we've simplified things. I keep the printout in a specific drawer of a specific filing cabinet, and have told our son where to look if something happened to the two of us together.

I've also purchased Nolo's Get It Together: Organize Your Records So Your Family Won't Have To, and I'm working through it chapter by chapter. When that's done, I can hope that my eventual passing will be a matter of grief but not hassle for those I leave behind. At 62 -- with relatives who have lived into their 90's -- I'm hoping this won't be any time soon.
rec7
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Re: Planning my death

Post by rec7 »

Mel Lindauer wrote:
rec7 wrote:I will just tell you what I have actually been doing. Not a recommendation, seriously not.
I would tell my wife to but it into a Target Retirement that I pick (updated every five years before I die) then to withdraw no more than 4% of the balance each year. It would not be a perfect portfolio( I could beat it with a three fund portfolio) but very easy for her. We are in a lower taxes bracket so that helps. In my case I am going for something very easy to run.
Agree that the appropriate TR fund would be a great choice. You could also simply invest in the appropriate TR fund now and she wouldn't have to do anything, since the TR funds automatically rebalance and get more conservative as time goes by.
That's true but I think I can beat the results with the three fund portfolio as long as I am around. But for a super easy plan you would be right.
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angelescrest
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Re: Planning my death

Post by angelescrest »

VictoriaF wrote:
ResearchMed wrote:
four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
And maybe OP could retitle something like "Planning finances for after my death", etc.?

I was initially startled to see a topic about euthanasia here. :shock:
NOT at all sure how it would fit with the "must be actionable" requirement! :shock: :shock:

Interesting philosophically (and perhaps at times in practical terms??) , but more than vaguely "off topic" here, I thought....

RM
Euthanasia provides the means for not outliving your assets.

Victoria
Fascinating conversation, thanks so much.

Lots of things here I wasn't aware of, such as what estate planners do (never met one), and the phrase "death book", which I find humorous. I also didn't know Vanguard provided services on handling finances upon death.

Regarding a death book, I'm researching some encrypted cloud companies where my wife and I can share a digital document with all the account information, plan, etc, which I think is the most secure thing. I also don't like the inconvenience of rewriting or reprinting all the updates, changes, etc. I'm down to a handful of companies, and I can post which looks promising.
Last edited by angelescrest on Fri Oct 20, 2023 11:51 am, edited 1 time in total.
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frugaltype
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Re: Planning my death

Post by frugaltype »

BrandonBogle wrote:
investingdad wrote:This post got me thinking about my parents. My dad spent his career as an engineer but also did some consulting work on the side. My mom was a SAHM and spent only a limited amount of time working at a 'regular' job during her life. She handles exactly 0% of the banking, bills, and finances. My parents are both in their mid to late 60s and in good health. But if my dad turns out to be the first to pass, it's going to be a real chore to stay on top of my mom's financial situation. While I'm confident she could handle the mechanics of bill paying, the general management and administration of finances is going to fall to me.
Sadly, this is all too common. The house I bought a couple years ago was from a widow in such a situation. She never had to handle the finances and once her husband passed away, she did not know how to properly budget nor save/invest/whathaveyou. After his end-of-life medical bills and her lack of a good grasp on financial management, she had to sell the house to avoid bankruptcy.

Now, part of that was obviously that the house was too big for her along (4 bedrooms) and it could not have been easy that all the rooms are upstairs (3 stories) nor lots of yardwork to keep up with (2/3 acre). But still, it surprised me that at closing they told me she was days away from bankruptcy when, prior to his passing, the house was fully paid off and had no debts other than the aforementioned end-of-life medical bills.
The end-of-life medical bills could have been huge, however.

I just don't understand people who don't learn how to manage money. Have they no instincts for self-preservation?
four7s
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Re: Planning my death

Post by four7s »

cheese_breath wrote:
placeholder wrote:
four7s wrote:Words to the wise that we all know to be true: It's not 'if I were to die', it's 'when I die'.
Well then:
Laura Nyro wrote:There'll be one child born and a world to carry on, to carry on.
If it's peace you find in dying
Well, then let the time be near
Ahem.........Blood, Sweat & Tears, I think.
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grap0013
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Re: Planning my death

Post by grap0013 »

frugaltype wrote: I just don't understand people who don't learn how to manage money. Have they no instincts for self-preservation?
My wife would say the same thing about my failure to remember our parking spot at the mall. I shall not be too quick to criticize. :D
There are no guarantees, only probabilities.
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LadyGeek
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Re: Planning my death

Post by LadyGeek »

The wiki has some background info: Estate planning

See this thread: Death Book
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gurujji
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Re: Planning my death

Post by gurujji »

carolc
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Re: Planning my death

Post by carolc »

Laura Nyro wrote:
There'll be one child born and a world to carry on, to carry on.
If it's peace you find in dying
Well, then let the time be near

Ahem.........Blood, Sweat & Tears, I think.

They sang it too, but Laura Nyro WROTE it.

carolc
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Re: Planning my death

Post by placeholder »

carolc wrote:They sang it too, but Laura Nyro WROTE it.
She sang it beautifully as well.
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VictoriaF
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Re: Planning my death

Post by VictoriaF »

My favorite is Pink Floyd's Time:

Far away
Across the field
Tolling on the iron bell
Calls the faithful to their knees
To hear the softly spoken magic spell...

Victoria
Inventor of the Bogleheads Secret Handshake | Winner of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
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Phineas J. Whoopee
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Re: Planning my death

Post by Phineas J. Whoopee »

VictoriaF wrote:...
Euthanasia provides the means for not outliving your assets.
Victoria
There's no need to depend on youth in Asia. The formula for those worried about outliving their assets is to increase risk. I don't mean more stocks and fewer bonds, but rather taking up bungee jumping, free rock climbing, and steak tartare eating. If one intends to live only a little, one may as well live a little.
PJW
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VictoriaF
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Re: Planning my death

Post by VictoriaF »

Phineas J. Whoopee wrote:
VictoriaF wrote:...
Euthanasia provides the means for not outliving your assets.
Victoria
There's no need to depend on youth in Asia. The formula for those worried about outliving their assets is to increase risk. I don't mean more stocks and fewer bonds, but rather taking up bungee jumping, free rock climbing, and steak tartare eating. If one intends to live only a little, one may as well live a little.
PJW
I prefer bungee climbing, rock eating and tartare jumping.

Victoria
Inventor of the Bogleheads Secret Handshake | Winner of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
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Phineas J. Whoopee
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Re: Planning my death

Post by Phineas J. Whoopee »

VictoriaF wrote:...
I prefer bungee climbing, rock eating and tartare jumping.
Victoria
Drown in a cold vat of steak tartare? Death, where is thy sting?

-- With apologies to W. C. Fields
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Re: Planning my death

Post by RadAudit »

+1 for Target Retirement Funds.

You can not control her investment decisions from the grave. And, after you are gone, you are not responsible for her portfolio's rate of return. The best you can do before you die is to set her up in a manner that gives her a reasonable chance of having as much money as she needs for as long as she needs it, if she doesn't go on an extended spending spree. Hence, a Target Retirement fund.

Of course, every one will blame you any way if she comes up short of funds. But that's another thread.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
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